The URL can be used to link to this page

Home My WebLink About081-2015SARESOLUTION NO.81-2015SA APPROVING AND ADOPTING RECOGNIZED OBLIGATION PAYMENT SCHEDULE ROPS 15-16B FOR THE SUCCESSOR AGENCY TO THE FORMER COMMUNITY DEVELOPMENT AGENCY OF THE TOWN OF DANVILLE AND APPROVING THE ADMINISTRATIVE BUDGET FOR THE SUCCESSOR AGENCY FOR THE PERIOD FROM JANUARY 1 THROUGH JUNE 30, 2016 WHEREAS, pursuant to the California Community Redevelopment Law (Health and Safety Code Section 33000 et seg.), the Town Council of the Town of Danville adopted the Redevelopment Plan for the Downtown Danville Redevelopment Project (the "Redevelopment Plan"); and WHEREAS, the Redevelopment Plan had been implemented by the Community Development Agency of the Town of Danville (the "CDA"); and WHEREAS, ABx1 26 was enacted on June 28, 2011 and was subsequently amended with the adoption of AB 1484 (collectively, the "Dissolution Act"); and WHEREAS, on January 10, 2012, acting in accordance with Health and Safety Code Sections 341710) and 34173, the Danville Town Council adopted Resolution No. 6-2012, accepting the designation to serve as the Successor Agency to the CDA; and WHEREAS, pursuant to the Dissolution Act, the CDA was dissolved as of February 1, 2012, at which time the assets and payment obligations (defined in the Dissolution Act as "Enforceable Obligations") of the CDA were transferred to the Successor Agency; and WHEREAS, pursuant to the Dissolution Act, the Successor Agency is required to adopt a Recognized Obligation Payment Schedule ("ROPS") twice per year, setting forth the Enforceable Obligations of the Successor Agency for the coming six month period; and WHEREAS, the Successor Agency is required to adopt a ROPS covering the period from January 1, 2016 through June 30, 2016 (ROPS 15-16B); and WHEREAS, pursuant to Health and Safety Code Section 341770), the Successor Agency must prepare an administrative budget for its general administrative costs and expenses for each six month period (the "Administrative Budget"). Pursuant to Health and Safety Code Section 34171(b), the administrative budget for the fiscal year shall be the greater of three percent (3%) of the Redevelopment Obligation Retirement Fund allocated to the Successor Agency or $250,000, unless reduced by the Oversight Board or a lower amount is agreed to by the Successor Agency; and WHEREAS, both BOPS 15-16B and the Administrative Budget must be submitted to the Oversight Board for approval; and WHEREAS, the Successor Agency has reviewed and duly considered the Staff Report, ROPS 15-16B, the Administrative Budget and documents and other evidence presented at the meeting; now, therefore, be it RESOLVED, that the Successor Agency to the former Community Development Agency of the Town of Danville, finds that the above Recitals are true and correct and have served, together with the supporting documents, as the basis for the findings and approvals set forth below; and, be it further RESOLVED, that the Successor Agency to the former Community Development Agency of the Town of Danville, hereby approves and adopts Recognized Payment Obligation Payment Schedule ROPS 15-16B, attached hereto as Exhibit 1; and, be it further RESOLVED, that the Successor Agency to the former Community Development Agency of the Town of Danville, authorizes and directs Town staff to: (1) present ROPS 15-16B to the Successor Agency's Oversight Board for consideration of approval; (2) provide a copy of ROPS 15-16B to the County Administrator, County Auditor -Controller and the State Department of Finance at the same time as presented to the Oversight Board; (3) once approved by the Oversight Board, provide an approved copy of ROPS 15-16B to the County Auditor -Controller, the State Department of Finance, and the State Controller and to post ROPS 15-16B on the Town website; and (4) to take such other actions and execute such other documents as are necessary to implement ROPS 15-16B on behalf of the Successor Agency; and, be it further RESOLVED, that the Successor Agency to the former Community Development Agency of the Town of Danville, hereby approves the Administrative Budget for the period from January 1, 2016 through June 30, 2016, attached hereto as Exhibit 2; and, be it further RESOLVED, that Town staff is directed to: (1) provide a copy of the Administrative Budget to the County Auditor -Controller; and (2) submit the Administrative Budget to the Oversight Board for consideration of approval. PAGE 2 OF RESOLUTION NO.81-2015SA APPROVED by the Successor Agency to the former Community Development Agency of the Town of Danville, at a regular meeting on September 15, 2016, by the following vote: AYES: Doyle, Stepper, Arnerich, Morgan NOES: None ABSTAINED: None ABSENT: Storer VAYOk APPROVED AS TO FORM: CITY ATTORNEY ATTEST: CITY CLERK PAGE 3 OF RESOLUTION NO.81-2015SA Recognized Obligation Payment Schedule (ROPS 15-1613) - Summary Filed for the January 1, 2016 through June 30, 2016 Period Name of Successor Agency: Danville Name of County: Contra Costa Current Period Requested Funding for Outstanding Debt or Obligation Six -Month Total Enforceable Obligations Funded with Non -Redevelopment Property Tax Trust Fund (RPTTF) A Funding Sources (B+C+D): $ 44,403` B Bond Proceeds Funding (ROPS Detail) - C Reserve Balance Funding (ROPS Detail) - D Other Funding (ROPS Detail) 44,403 E Enforceable Obligations Funded with RPTTF Funding (F+G): $ 885,774 F Non -Administrative Costs (ROPS Detail) 822,594 G Administrative Costs (ROPS Detail) 63,180' H Total Current Period Enforceable Obligations (A+E): $ 930,177' Successor Agency Self -Reported Prior Period Adjustment to Current Period RPTTF Requested Funding I Enforceable Obligations funded with RPTTF (E): J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) K Adjusted Current Period RPTTF Requested Funding (W) County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Fundi -M) Certification of Oversight Board Chairman: Pursuant to Section 34177 (m) of the Health and Safety code, I hereby certify that the above is a true and accurate Recognized Name Obligation Payment Schedule for the above named agency. /s/ Signature 885,774` 885,774 ' Title Date EXHIBIT 1 Danville Recognized Obligation Payment Schedule (ROPS 15-16B) - ROPS Detail January 1, 2016 through June 30, 2016 (Report Amounts in Whole Dollars) A B C D E F G H I J K L M N O P Funding Source Non -Redevelopment Property Tax Trust Fund (Non-RPTTF) RPTTF Contract/Agreement Contract/Agreement Total Outstanding Item # I Project Name / Debt Obligation Obligation Type Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds Non -Admin Admin Six -Month Total $ 25,654,764 $ $ $ 44,403 $ 822,594 $ 63,180 $ 930,177 1 2001 Certificates of Bonds Issued On or 10/1/2001 8/15/2026 Town of Danville COP refinancing for capital projects in Downtown Project 5,027,451 N 92,371 $ 92,371 Participation/Reimbursement Before 12/31/10 project area consistent with Area Agreement redevelopment plan/Agency contractually obligated to reimburse Town for lease payments made on COPS 2 2001 Taxable Revenue Bonds/Loan Revenue Bonds 12/1/2001 7/15/2028 Town of Danville Financing Bonds sold by Financing Authority to Downtown Project 4,848,677 N 120,840 $ 120,840 Repayment Agreement Issued On or Before Authority finance 74-unitaffordable housing Area 12/31/10 project in project area/Agency borrowed bond proceeds and contractually agreed to repay loan to Financing Authority 3 2005 Certificates of Bonds Issued On or 4/1/2005 Town of Danville COP issue to fund construction of Downtown Project 6,687,898 N 39,703 109,383 $ 149,086 Participation/Reimbursement Before 12/31/10 public parking facility and other capital Area Agreement projects within the project area and consistent with the redevelopment plan/Agency contractually obligated to reimburse Town for lease payments made on COPS 4 Successor Agency Administrative Admin Costs 1/1/2012 6/30/2014 Town of Danville Staff, consultant and vendor costs Downtown Project 63,180 N 63,180 $ 63,180 Costs necessary to carry out dissolution/wind Area down duties of Successor Agency, consistent with the Administrative Budget approved by the Oversight Board 5 Property Management Fee for 115- Property 4/15/2011 6/30/2014 SPM Properties, Inc. Property management for multi -tenant Downtown Project 4,700 N 4,700 $ 4,700 125 Hartz Avenue Maintenance commercial property owned by Area Successor Agency located at 115-125 Hartz Avenue. Monthly fee per contract equal to 3.5% of gross rental income for that month 6 Town Loan/Cooperation Agreement City/County Loans 5/1/2012 6/30/2024 Town of Danville Town loaned funds to Agency Downtown Project 9,022,858 N 500,000 $ 500,000 On or Before 6/27/11 necessary to make debt service Area payments and pay for capital projects within the Project Area, consistent with the Redevelopment Plan, in years when Agency did not have sufficient funds to make such payments. Oversight Board approved Reentered Agreement on May 7, 2012 7 N $ 8 N $ g N $ 10 N $ 11 N $ 12 N $ 13 N 1 $ 14 N $ 15 N $ 16 N $ 17 N $ 18 N $ 19 N $ 20 N $ 21 N $ 22 N $ 23 N $ 24 N $ 25 N $ 261 N $ 27 N $ 28 N $ 29 N _ $ 30 N $ Danville Recognized Obligation Payment Schedule (ROPS 15-16B) - Report of Cash Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (1), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form, see Cash Balance Tips Sheet A B C D E I F G H I Fund Sources Bond Proceeds Reserve Balance Other RPTTF Prior ROPS Prior ROPS period balances RPTTF Bonds Issued on and DDR RPTTF distributed as Rent, Non -Admin or before Bonds Issued on balances reserve for future Grants, and Cash Balance Information by ROPS Period 12/31/10 or after 01/01/11 retained period(s) Interest, Etc. Admin Comments ROPS 14-15B Actuals (01/01/15 - 06/30/15) 1 Beginning Available Cash Balance (Actual 01/01/15) 375,029 72,043 2 Revenue/Income (Actual 06/30/15) total amount includes rental of $138,082 RPTTF amounts should tie to the ROPS 14-15B distribution from the and the addition of $3,800 property County Auditor -Controller during January 2015 19 141,914 399,511 management fee and interest earning of $32 3 Expenditures for ROPS 14-15B Enforceable Obligations (Actual 06/30/15) RPTTF amounts, H3 plus H4 should equal total reported actual expenditures in the Report of PPA, Columns L and Q 174,921 399,511 4 Retention of Available Cash Balance (Actual 06/30/15) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 5 ROPS 14-15B RPTTF Prior Period Adjustment RPTTF amount should tie to the self-reported ROPS 14-15B PPA in the Report of PPA, Column S No entry required 6 Ending Actual Available Cash Balance CtoG=(1+2.3-4),H=(1+2-3-4-5) $ - $ - $ 375,048 $ - $ 39,036 $ ROPS 15-16A Estimate (07/01/15 - 12/31/15) 7 Beginning Available Cash Balance (Actual 07/01/15) , (C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6) $ - $ - $ 375,048 $ - $ ` 39,036 $ 8 Revenue/income (Estimate 12/31/15) RPTTF amounts should tie to the ROPS 15-16A distribution from the County Auditor -Controller during June 2015 102,797 695,977 9 Expenditures for ROPS 15-16A Enforceable Obligations (Estimate 12/31/15) 97,430 695,977 10 Retention of Available Cash Balance (Estimate 12/31/15) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 11 Ending Estimated Available Cash Balance (7 + 8 -9 -10) $ - $ _ $ 375,048 $ - $ 44,403 $ Danville Recognized Obligation Payment Schedule (ROPS 15-16B) - Notes January 1, 2016 through June 30, 2016 Item # I Notes/Comments "Other funds" listed in Column M and used to pay this obligation in part represents rental income received from property owned by the Successor Agency pursuant to 3 the approved LRPMP. These funds are allocated to Item 3 for simplicity, not because the underlying property is related to the obligation. Because administrative costs will vary by ROPS period and it is not possible to determine the number of ROPS periods remaining, the Total Obligation canot be 4 determined, so the amount shown in Column I represents the six month period covered by this ROPS. "Other funds" listed in Column M and used to pay this obligation in part represents rental income received from property owned by the Successor Agency pursuant to the approved LRPMP and managed by SPM. The monthly fee due to SPM equals 3.5% of gross rents received per month. This obligation will continue until the 5 property is sold pursuant to the LRPMP, which at this point is unknown. 6 6